A Review of the Nigerian Energy Industry

Nigeria pumps 2.6 million barrels of oil a day

23 November 2011, Sweetcrude, ABUJA – Nigeria, Africa’s top oil producer, says it currently produces 2.6 million barrels of crude a day, with 670,000 coming from its deep-offshore fields.

Petroleum Minister Diezani Alison-Madueke reported the figures to a parliamentary committee today in Abuja, the capital, citing the restoration of crude supply lines and an amnesty programme.

Crude reserves fell 1.9 percent to 31.2 billion barrels at the start of the year from 31.8 billion in the second quarter of 2010, Alison-Madueke said.

Natural gas reserves stand at 182.8 trillion cubic feet. Total crude oil and condensate reserves fell to 36.5 billion barrels from 37.1 billion during the same period, she said.

Nigeria is the fifth-biggest source of U.S. oil imports. At least 90 percent of the country’s crude is pumped by Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, Total SA and Eni SpA, in joint ventures with the state-owned Nigerian National Petroleum Corporation.

All four Nigeria state-owned refineries provide 30 percent of domestic fuel needs and currently produce at 60 percent of their installed capacity of 445,000 barrels of oil a day, Alison-Madueke also said.

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